The advent of Double Top Pattern
The advent of Double Top Pattern and the possibility of a downtrend formation with targets of $ 200 to $ 220
There are no doubt digital currencies, (Crypto Currencies) have a very good future. But it is important to take them as an investment (like stocks) think about going long at the bottom prices.
In the case of Ethereum, according to Elliott waves in the daily chart, the price has reached from the range of $ 86 to the level of $ 488 with 5 ascending waves. And further, the downtrend line is broken, which indicates that the uptrend is beginning. As 5 descending waves have been completed, the price has entered the corrective phase of this uptrend, the first wave of which(wave A) has been completed in the range of 308.42. In wave B from point 2,there is the scenario that the Double Top pattern is formed in the range of $394.80. And the downtrend in the C wave has started from point 2 and for the targets of $ 200 to $ 220.To confirm this downtrend, the price needs to cross the range of $ 332. Besides, if the price crosses the range of 394.80 and then $ 446,
we can be hopeful for the $ 800 target and the uptrend formation.
There are no doubt digital currencies, (Crypto Currencies) have a very good future. But it is important to take them as an investment (like stocks) think about going long at the bottom prices.
In the case of Ethereum, according to Elliott waves in the daily chart, the price has reached from the range of $ 86 to the level of $ 488 with 5 ascending waves. And further, the downtrend line is broken, which indicates that the uptrend is beginning. As 5 descending waves have been completed, the price has entered the corrective phase of this uptrend, the first wave of which(wave A) has been completed in the range of 308.42. In wave B from point 2,there is the scenario that the Double Top pattern is formed in the range of $394.80. And the downtrend in the C wave has started from point 2 and for the targets of $ 200 to $ 220.To confirm this downtrend, the price needs to cross the range of $ 332. Besides, if the price crosses the range of 394.80 and then $ 446,
we can be hopeful for the $ 800 target and the uptrend formation.
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